The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the fourth quarter of 2023, there were just 4,000 2- to 4-unit housing unit construction starts. This is flat from a year prior…. Read More ›

Confidence in the market for new multifamily housing was in negative territory for the fourth quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB).  The MMS produces two separate indices.  The Multifamily Production Index (MPI) had a reading of 41 – below the break-even point of 50 – while… Read More ›

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined somewhat during the fourth quarter of 2023. For the quarter, 102,000 multifamily residences started construction. Of this total, 98,000 were built-for-rent. The market share of rental units of multifamily construction starts fell back to a still elevated 96% for the fourth quarter as the… Read More ›

Homeownership provides a wide range of benefits to households. In addition to providing households with a stable place to live, homeownership also offers an opportunity for households to accumulate assets and build wealth over time through equity. As of 2022, 66.1% of U.S. households owned their homes. For families that owned a home, the median net housing value (the value… Read More ›

Energy-smart and creatively designed, this 1,598-suare-foot home in Indianapolis, IN costs as little as $217 per year to heat and cool.  In fact, this builder guarantees your annual energy bill won’t exceed $300!  That’s thanks to a super package of energy-saving features – most notably, superinsulated, double 2 x 4 walls and R-38 insulated ceilings.  Added to the home’s startling energy features are a cozy, comfortable plan and a dramatic fireplace that serves as the first-floor focal point. WHY THIS…

An expected impact of the virus crisis was a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower. According to fourth quarter… Read More ›

During the fourth quarter of 2023, credit for residential Land Acquisition, Development & Construction (AD&C) remained tight, according to both NAHB’s survey on AD&C Financing and the Federal Reserve’s . However, the tightening was not as widespread as it was in recent quarters. The net easing indices derived from both surveys were negative once again in the fourth quarter, indicating… Read More ›

NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. There were 44,000 total custom building starts during the fourth quarter of 2023. This marks a more than 2% decline compared to the fourth quarter of 2022, consistent with weakness experienced… Read More ›

Proof positive that smaller is smarter, this 1,182-square-foot house in Carlsbad, CA has more going for it than many houses twice its size.  From the angled entry, you can scan the open living/dining area – then look all the way to the master bedroom at the back of the house.  The voluminous interior is an architectural feast; interesting display niches and cutouts in the walls ensure exciting spaces.  All of the rooms in the house are easy to get to,…

Single-family built-for-rent construction accelerated at the end of 2023, as builders sought to add additional rental housing in a market facing elevated mortgage interest rates. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 22,000 single-family built-for-rent (SFBFR) starts during the fourth quarter of 2023. This is more than… Read More ›